Gene Simmons Says He Hasn’t Sold His Crypto Holdings Despite Market Unrest

    Gene Simmons is “licking it up” and unfazed by the continued mayhem taking place within the crypto area.

    Gene Simmons, the bassist for Kiss, has maintained that he’s a hodler and has not offered any of his 14 cryptocurrencies for the reason that onset of the crypto winter.

    In the previous a number of months, the crypto market worth has decreased by greater than $1 trillion on account of a big and steady sell-off.

    Suggested Reading | Cryptocurrencies Fuel Increase In High Net Worth Population, Survey Shows

    The majority of other cryptocurrencies are presently down 60-90 p.c from their earlier peaks. Bitcoin, essentially the most sought-after digital asset, has shed greater than 70 p.c of its worth ffrom its November document excessive of about $69,000.

    As of this writing, Bitcoin was buying and selling at $20,665.83, down 31.3% within the final seven days, knowledge from Coingecko present, Friday.

    Formerly generally known as "The Demon," Gene Simmons revealed he often considered crypto and mentioned "I'm in it big. I've done really well." Image: Dogecoin News Hub.

    Legendary Kiss Singer Gene Simmons Is A Hodler

    He mentioned:

    “Since the downturn, I have not sold a single position. I have faith in the future. The near future.”

    In a subsequent tweet, he revealed that he possesses litecoin and 13 different cryptocurrencies.

    Cryptocurrencies, for the uninitiated, are digital property that exist past the supervision of central banking establishments. They are purported to be safe and impenetrable to counterfeiting and authorities interference, as they’re protected by encryption.

    Simmons didn’t disclose which cryptocurrencies he has, though he said in February final yr that he owned Bitcoin, Litecoin, Ethereum, Dogecoin, XRP, and Cardano.

    In the identical month, he revealed on social media that he had bought $300,000 value of Cardano’s ADA, stating that he believed within the cryptocurrency.

    Crypto complete market cap at $885 billion on the every day chart | Source:

    Gene Simmons Calls Cardano ‘An Idiot Name’

    “I enjoy Cardano, despite its an idiot name,” Simmons mentioned that point. “Get rid of that thing. Just call it ADA. Call it by its trading symbol.”

    Simmons mentioned that point that he doesn’t imagine for a second “that most people understand what cryptocurrency is, what it is designed to do, but it is immediate and you don’t have to deal with banks – I like that.”

    In a May interview with American Songwriter, Simmons – previously generally known as “The Demon” – revealed that he often contemplated cryptocurrencies. Indeed, it adjustments the sport, he was reported as saying. ” I’m in it huge. I’ve completed rather well.”

    The Rock Legend Holding On To His Crypto For Another Decade

    Gene Simmons offered Dogecoin earlier this yr after Tesla CEO Elon Musk tweeted concerning the parody coin, however he mentioned he intends to carry on to his different cryptocurrencies for at the least one other 10 years.

    In the meantime, Grayscale creator Barry Silbert discusses the newest market drop, saying that customers have witnessed numerous market slowdowns in cryptocurrency beforehand.

    “This is a period of opportunity, despite the fact that circumstances are seldom simple,” he mentioned.

    “I’m encouraged by the close collaboration we’re seeing this week and believe the industry will emerge stronger than ever,” he added.

    Related Reading | Bitcoin Could Hit $100K By Yearend, Majority Of Fund Managers Predict, Based On Survey

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